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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures are trading 5 to 8 cents higher on the overnight, after a mixed close on Tuesday. Beans posted a 16 cent trading range (-2 to +14) on Turnaround Tuesday. Brazilian soybean exports were 8.4 MMT in July, nearly 40% larger than July in 2014. This is one reason Chinese new crop bookings from the US have been slow, as there will be an overhang of Brazilian beans in September and October shipping slots. The soybean condition rating for Iowa improved significantly week to week, gaining 8 points on the Brugler500 Index. Indiana, Michigan, and Ohio all gained 5 points. The Mississippi crop took quite a hit, off 14 points from last week, and Louisiana lost another 6, following a 10 point loss last week. The FCS estimate for 2015 US production is 3.797 billion bushels on a 45.0 bpa.